Most recent calculations by RMS Monday are $7.5 to 10 Billion regarding the Camp Fire, $1.5 to $3 billion for the Woosley Fire. These calculations include property and auto damage from burn and smoke damage and business interruption, additional living expenses and personal property and business personal property losses.
The Camp Fire has been determined the most destructive wildfire the California history. It has burned 151,000 acres and is 66% contained, burning 11,713 homes, 472 commercial buildings and the worst part is a reported 77 deaths.
The Woosley Fire burned 96,949 acres and is 94% contained, burned 1,500 structures as determined by CalFire.
As this unfolds its more obvious than normal that Wildfire is a large catastrophe risk that needs a substantial amount of attention when determining actuarial data. S&P Global ratings said they are confident primary insurers and reinsurers are able to absorb the financial losses for California fires. However, with large fires and corelating losses and the regulatory backdrop limiting the ability of insurance companies to increase premiums S&P said there may be “soul searching” when determining the amount of premium to write in California.
Insurance companies AIF, Chubb, and Farmers have the biggest exposures to the wildfires, as determined by S&P. S&P stated AIG and Chubb will most likely take on the largest loss ratio in Southern California fires determined by high-value properties in the region.
